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Titan Ltd acquired 5614 shares of Rhea Co. (out of 40,000 outstanding shares) on 1/1/2019 for $13.25 per share. In 2019 Rhea reported $51004 in

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Titan Ltd acquired 5614 shares of Rhea Co. (out of 40,000 outstanding shares) on 1/1/2019 for $13.25 per share. In 2019 Rhea reported $51004 in net earnings, $10810 in OCI, and paid $24969 in dividends. Titan estimates that at 1/1/2019, Rhea had an unrecorded intangible asset worth $101327 with a useful life of 10 years and unrecorded goodwill for the remainder of the fair value differences. At 12/31/2019, Rhea's market price was $14.66 per share. Assume that the equity method is appropriate (regardless of whether it is). Determine the following for 2019 for Titan's investment in Rhea: Earnings reported as part of net income Answer: Earnings included in other comprehensive income Answer: Value of the investment reported on the balance sheet at year end. Answer: Now assume the same information as above, except that the fair value method should be applied. Under the fair value method, determine how much Titan should include for its Rhea investment in net income for 2019. Answer: What is the value of the Rhea investment on the balance sheet at year end

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